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The private net present value and private internal rate of return to becoming a nurse in Great Britain

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Abstract:

The private net present value and private internal rate of return to becoming a nurse in Great Britain is estimated. The calculations are made using the standard equations inputted with data from the New Earnings Survey and the British Household Panel Survey. Basic age–earnings profiles are adjusted for mortality, unemployment, other causes of economic inactivity, and discontinuation from training. The conclusions are that: (1) there is a high private internal rate of return to becoming a nurse in Great Britain relative to other occupations; (2) using the internal rate of return criterion is inappropriate when there exists a crossover marginal time preference rate, which is shown to be the case here; and, (3) using the net present value criterion there are net financial benefits to becoming a nurse in Great Britain for individuals with a marginal time preference rate of 8–13% or more.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/00036840210139328

Publication date: November 20, 2002

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